Traveloka Holding Ltd. raised $400 million in a funding round led by Expedia Inc. that conferred a $2 billion valuation on Indonesia’s largest online travel startup, a person familiar with the matter said.
The person asked not to be identified discussing private information. Expedia said it was contributing $350 million to Traveloka’s financing round, a major investment into a five-year-old startup backed by China’s JD.com Inc., Sequoia Capital, East Ventures and Hillhouse Capital. That brought the total amount the company has raised in the last two rounds in the past year to $500 million, Expedia said. Traveloka representatives weren’t immediately available for comment. The Information first reported on its valuation.
Jakarta-based Traveloka is capitalizing on Southeast Asia’s online boom. The region of more than 600 million is home to an online travel market predicted to quadruple to $90 billion by 2025, according to a report by Google and Temasek Holdings Pte.
“Traveloka is the clear online travel leader in Indonesia, and is expanding aggressively throughout Southeast Asia,” Expedia Chief Executive Officer Dara Khosrowshahi said in its statement.